2018 Q1 Form 10-Q Financial Statement

#000114420418027160 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $58.49M $49.07M
YoY Change 19.19% 41.5%
Cost Of Revenue $23.54M $18.36M
YoY Change 28.25% 25.98%
Gross Profit $34.95M $30.71M
YoY Change 13.78% 52.75%
Gross Profit Margin 59.75% 62.59%
Selling, General & Admin $30.99M $23.97M
YoY Change 29.28% 8.11%
% of Gross Profit 88.69% 78.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $484.0K $476.0K
YoY Change 1.68%
% of Gross Profit 1.39% 1.55%
Operating Expenses $11.02M $27.92M
YoY Change -60.52% 25.9%
Operating Profit $23.92M $2.797M
YoY Change 755.31% -137.57%
Interest Expense -$21.30M $9.936M
YoY Change -314.37% 4609.0%
% of Operating Profit -89.04% 355.24%
Other Income/Expense, Net $329.0K $89.00K
YoY Change 269.66% -220.27%
Pretax Income $2.726M -$14.03M
YoY Change -119.42% 81.55%
Income Tax $516.0K $441.0K
% Of Pretax Income 18.93%
Net Earnings $2.210M -$14.48M
YoY Change -115.27% 81.01%
Net Earnings / Revenue 3.78% -29.5%
Basic Earnings Per Share $0.04 -$0.59
Diluted Earnings Per Share $0.03 -$0.59
COMMON SHARES
Basic Shares Outstanding 59.39M shares 24.35M shares
Diluted Shares Outstanding 68.15M shares 24.35M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.10M $0.00
YoY Change -100.0%
Cash & Equivalents $54.49M $33.35M
Short-Term Investments
Other Short-Term Assets $40.70M $300.0K
YoY Change 13466.67% 200.0%
Inventory
Prepaid Expenses
Receivables $71.00M
Other Receivables $0.00
Total Short-Term Assets $133.8M $300.0K
YoY Change 44500.0% -70.0%
LONG-TERM ASSETS
Property, Plant & Equipment $4.100M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.300M $173.2M
YoY Change -95.79% 0.23%
Total Long-Term Assets $11.36M $173.2M
YoY Change -93.44% 0.23%
TOTAL ASSETS
Total Short-Term Assets $133.8M $300.0K
Total Long-Term Assets $11.36M $173.2M
Total Assets $145.2M $173.5M
YoY Change -16.33% -0.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.788M $100.0K
YoY Change 7688.0% -90.91%
Accrued Expenses $44.60M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $36.45M
YoY Change
Total Short-Term Liabilities $251.1M $133.9K
YoY Change 187359.31% -98.11%
LONG-TERM LIABILITIES
Long-Term Debt $56.39M $0.00
YoY Change
Other Long-Term Liabilities $43.50M $8.700M
YoY Change 400.0%
Total Long-Term Liabilities $56.39M $8.700M
YoY Change 548.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $251.1M $133.9K
Total Long-Term Liabilities $56.39M $8.700M
Total Liabilities $351.0M $8.900M
YoY Change 3843.51% 25.35%
SHAREHOLDERS EQUITY
Retained Earnings -$300.9M
YoY Change
Common Stock $6.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$205.8M $164.6M
YoY Change
Total Liabilities & Shareholders Equity $145.2M $173.5M
YoY Change -16.33% -0.17%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $2.210M -$14.48M
YoY Change -115.27% 81.01%
Depreciation, Depletion And Amortization $484.0K $476.0K
YoY Change 1.68%
Cash From Operating Activities $18.69M $6.594M
YoY Change 183.36% -6694.0%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$100.0K
YoY Change 220.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$320.0K -$100.0K
YoY Change 220.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.935M -$1.650M
YoY Change 138.48%
NET CHANGE
Cash From Operating Activities $18.69M $6.594M
Cash From Investing Activities -320.0K -100.0K
Cash From Financing Activities -$3.935M -$1.650M
Net Change In Cash $14.46M $4.944M
YoY Change 192.54% -5044.0%
FREE CASH FLOW
Cash From Operating Activities $18.69M $6.594M
Capital Expenditures -$320.0K -$100.0K
Free Cash Flow $19.01M $6.694M
YoY Change 183.91%

Facts In Submission

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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>Use of Estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in its consolidated financial statements and accompanying notes. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. The Company&#8217;s significant accounting estimates include, but are not necessarily limited to, accounts receivable, valuation assumptions for stock options, embedded derivatives and warrants, deferred income taxes and the related valuation allowances, and the evaluation and measurement of contingencies. To the extent there are material differences between the Company&#8217;s estimates and the actual results, the Company&#8217;s future consolidated results of operation may be affected.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
81000 USD
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
51000 USD
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7426000 USD
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6947000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
5600000 USD
CY2018Q1 us-gaap Line Of Credit Facility Capacity Available For Specific Purpose Other Than For Trade Purchases
LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases
17500000 USD
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2018Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
59440000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
59314000 shares
CY2018Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
59440000 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
59314000 shares
CY2018Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
21285000 USD
CY2017Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0 USD
CY2018Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
7583000 USD
CY2017Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
1026000 USD
CY2018Q1 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
124400000 USD
CY2018Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
3100000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
89000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4023000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-14034000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
3507000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-14475000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
328000 USD
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2017Q4 rmni Percentage Of Professional Fees Hold Back
PercentageOfProfessionalFeesHoldBack
0.15 pure
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2018Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
2700000 USD
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59393000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24353000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68154000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24353000 shares
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-37000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
111000 USD
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3470000 USD
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-14364000 USD
CY2017Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
CY2018Q1 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
0 USD
CY2017Q1 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
-602000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Insurance
IncreaseDecreaseInPrepaidInsurance
0 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Insurance
IncreaseDecreaseInPrepaidInsurance
19317000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
14463000 USD
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5112000 USD
CY2018Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
7200000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3507000 USD
CY2017Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
513000 USD
CY2018Q1 rmni Adjustment For Updated Calculation Of Mandatory Trigger Event Exit Fees
AdjustmentForUpdatedCalculationOfMandatoryTriggerEventExitFees
1480000 USD
CY2017Q1 rmni Adjustment For Updated Calculation Of Mandatory Trigger Event Exit Fees
AdjustmentForUpdatedCalculationOfMandatoryTriggerEventExitFees
1961000 USD
CY2018Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
126000 USD
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
441000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3507000 USD
CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2017Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
59000 USD
CY2018Q1 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
12800000 USD
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2413000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1034000 shares
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5003000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3755000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3657000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3422000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1896000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
17733000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
156000 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
CY2017Q2 us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
24000000 USD
CY2017Q2 us-gaap Deferred Long Term Liability Charges
DeferredLongTermLiabilityCharges
19300000 USD
CY2018Q1 rmni Debt Financing Fees
DebtFinancingFees
8617000 USD
CY2017Q1 rmni Debt Financing Fees
DebtFinancingFees
1282000 USD
CY2018Q1 us-gaap Loss Contingency Receivable
LossContingencyReceivable
50300000 USD
CY2018Q1 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
21500000 USD
CY2018Q1 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
500000 USD
CY2018Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
CY2017Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
602000 USD
CY2018Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
17900000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
8.60
CY2018Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
18100000 shares
CY2018Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
7900000 USD
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
3770000 USD
CY2017Q1 us-gaap Interest Paid Net
InterestPaidNet
3262000 USD
CY2018Q1 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
21500000 USD
CY2018Q2 us-gaap Deposit Assets
DepositAssets
28500000 USD
CY2018Q1 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
3000000 USD
CY2018Q1 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
95000000 USD
CY2018Q2 rmni Prepayment Of Principal
PrepaymentOfPrincipal
17900000 USD
CY2018Q1 rmni Line Of Credit Facility Impute Interest Rtate
LineOfCreditFacilityImputeInterestRtate
0.150 pure
CY2017Q4 rmni Line Of Credit Facility Discount From Payment
LineOfCreditFacilityDiscountFromPayment
1000000 USD
CY2018Q2 rmni Unfunded Debt Issuance Cost Amortization Transferred
UnfundedDebtIssuanceCostAmortizationTransferred
14300000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
139544000 USD
CY2018Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
138955000 USD
CY2017Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3400000 shares

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